Binance Now Offering Free and Instant Internal Transfers

Binance Now Offering Free and Instant Internal Transfers
фото показано с : beincrypto.com

2019-12-2 16:01

Binance has just announced a way to easily move money between accounts on the exchange. According to the announcement, transfers are now free and instant.

Users can withdraw assets from one Binance account to another without the need for any block confirmations. With zero transfer fees, moving money between accounts is instant. Withdrawals to another account are done through the ‘withdraw’ tab, like withdrawing any other cryptocurrency on the exchange. The new feature can be enabled and disabled via API.

The new feature bears resemblance to services offered by many banks. It is often completely free to transfer between accounts of the same bank. Binance hopes to ensure that same level of convenience.

#Binance Launches New Internal Transfer Featurehttps://t.co/HuJWsBNF5S pic.twitter.com/FPmrj9yAzg

— Binance (@binance) December 2, 2019

It should be noted, however, that the transfers only work within the same Binance branch. So, you cannot move funds from Binance Jersey to Binance U.S., for example, through an internal transfer — that will require a regular withdrawal, which is subject to fees.

The new feature may also have the unintended effect of lessening sell pressure since many like to sell for BTC/ETH before withdrawing. With internal transfers, there is no need to sell these coins on the market.

However, some have pointed out that this internal transfer feature may be exploited by hackers. Rather than users needing to withdraw, they can now simply internal transfer to other accounts — as half-jokingly pointed out by Twitter user @inversebrah.

so now hacked users don't need to buy up the orderbook of the hacker's bag

can we now get that fucken lame x5 limit removed for sell orders plz kthx#letthebigflashpunpscommence#noonelivesforever https://t.co/JNd0FvwbXz

— starbust (@inversebrah) December 2, 2019

However, Binance already has strict controls on withdrawals and has previously frozen funds linked to malicious addresses. The exchange is well-known for cooperating with exchanges who have suffered hacks. As BeInCrypto reported recently, the exchange said that it would freeze all funds deposited into Binance from the Upbit hack. So, it seems unlikely that hackers would be able to conduct an internal transfer of stolen funds without setting off red flags at Binance.

Images courtesy of Twitter.

The post Binance Now Offering Free and Instant Internal Transfers appeared first on BeInCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Binance Coin (BNB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $562.5
Капитализация $0 Rank 99999
Цена в час новости $ 22.85 (-100%)

binance transfers instant free assets users one

binance transfers → Результатов: 23


Binance Supports New Fiat Onramp to Buy Crypto Assets with the Indian Rupee via WazirX

Binance can now purchase Bitcoin (BTC) and other cryptocurrencies through Rupee bank transfers that are powered by WazirX, the Indian digital exchange for assets. Not banned in the country, people in India still find it difficult to trade and buy Bitcoin because banks don’t have the green light to work with crypto exchanges and companies. […]

2019-11-27 01:31